The Treasury showed substantial growth in revenue from its portfolio of Bonds Available for Sale, comprised of liquid, Latin American fixed income securities of high credit quality.  In addition, advances made in recent years in the quantification and control of the Bank’s interest rate exposure resulted in a steady revenue stream during the year, within strict position limits.  The interest rate and liquidity positions at Bladex are subjected to regular stress-testing exercises, which have been of particular value in managing and limiting market risks during the crisis in global liquidity markets since August of 2007.

Asset Distribution, based in our New York Agency, consolidated the Bank’s position as a major player in the Region’s secondary market for loans, purchasing and selling short- and medium-term credits with other counterparties.  This activity allows Bladex to more actively balance its credit portfolio by client and by country, while generating fee income from intermediation.  In addition, in 2007 the Bank closed the first-ever loan syndication lead-managed by Bladex, in favor of a Brazilian financial institution, distributing the transaction to a group of six international banks.